Bernanke says gold standard wouldn’t solve problems. Perhaps not, but it couldn’t fail any more spectacularly than Helicopter Ben has.

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RoadWarrior March 20, 2012 at 2:57 pm

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Bernanke couldn’t solve problems — The only thing he knows is how to create “money” out of thin air. He’s an airhead.

But in this case, he’s probably right.

CO2Insanity March 20, 2012 at 3:14 pm

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If on the gold or silver standard at least they wouldn’t be able to print endless supplies of money on order unless they had the gold or silver to back it up.

Those touted lower interest rates screw retired people who now can get a whopping 1% or so on their retirement savings.

Those touted lower interest rates don’t to jack for borrowers either if the banks won’t part with the money. I have a friend who’s worth literally millions who refinanced a house he owns to remodel it and he had one helluva time getting a loan. Evidently you only get to borrow money if you’re a Barry approved scam like Solyndra.

flashingscotsman March 20, 2012 at 9:38 pm

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And they’re probably going to expect your friend to actually pay back the money.

RKae March 20, 2012 at 3:51 pm

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If my employer pays me by shifting numbers from their bank account directly into my bank account, and then I buy the things I want by shifting numbers from my bank account into the account of an online store… then where is “the money supply”? What is “the Fed”?

It’s time to quit thinking about the gold standard vs. paper money. We’re moving away from that argument quite rapidly. It’s going to be a cash-free world in no time at all. Way past time to consider how that world is going to be kept in order and how we protect against corruption. (Impossible, I know, but like fighting every other crime, we try.)

ooddballz March 20, 2012 at 9:28 pm

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RKae, there is too much of an underground economy for them to be able to do away with cash, and not every country in the world believes in credit/debit cards. Germany is still very much a cash society, as is Portugal.

One of the things I like about Germany, you work, you save your money, and then you buy what you want/need. About the only things a German will take a loan out for is a car or a house.

danybhoy March 21, 2012 at 2:06 am

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After this exchange Ben Bernanke had with Ron Paul…

…Bernanke should have been fired before he left the room that day. He’s an educated fool who should be nowhere near our money supply.

Big Al March 21, 2012 at 4:53 am

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When stocks lose their value
That’s a terrible thing
When homes lose their value
That’s a terrible thing
But when money loses its value
That’s the most terrible thing of all
Introduction, How to Survive the Crisis and Prosper in the Process, Schoon, 2007

poppajoe49 March 22, 2012 at 3:26 am

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Bernanke is a moron!
Why? Read this, it explains perfectly what the real problem here is, and amazingly enough, if we were on the gold standard, this wouldn’t be a problem!

Quantative Easing 101
Posted by Dr. Keith C. Westbrook Ph.D. on March 21, 2012 at 4:02pm

Devaluing Our Currency: why you are paying $4.00 for a gallon of gas and $5.00 for a lb. of hamburger!

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